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TORONTO RACKS UP RECORD NUMBERS OF COMPLETED CONDOS & HOTEL BOOKINGS IN 2014

10,368 condominium apartments were completed in Greater TORONTO last month. That’s 8 times more than the average of the past decade. Most of the completed units were pre-sold, but the increase raised the number of unsold apartments to a 21-year-high of about 1,600 units, according to BMO.

Demand for TORONTO-area condos remains high. CMHC numbers show a spike in first-time buyers in the GTA choosing condominiums in 2014 – around 29% in 2014, up from 13% ten years ago.

TORONTO’s convention industry is booming again, and this has led to increased hotel bookings – 640,000 hotel room nights from conventioneers alone. In the past two years, TOURISM TORONTO has added part-time sales agents in China and India, supplementing full-time offices in Washington DC, Chicago, Ottawa and Mississauga.

According to the New York Times, the projected number of American visitors to Canada will number 12,500,000 in 2015 – second only to Mexico as a destination. TORONTO will no doubt benefit greatly. <SOURCE – Euromonitor International>